Homeowners Insurance Endorsements - Virginia

Targeted Coverage for Specialized Risks of Homeowners throughout Virginiahome insurance application image

Home values in Hampton Roads vary widely. In coastal Norfolk & Virginia Beach, they have a median value of $200,000; in the Arlington, $700,000; in the west, in Abingdon, $175,000. Regardless of what you pay, though, you need homeowners insurance. However, the key to getting the right policy is to make sure it contains limits that are appropriate to you, your home and your valuable assets. To insure particularly risky or high-value items, you might need to add certain coverage endorsements to your policy.

Salzberg Insurance Agency’s dedicated agents are happy to help you take a close look at the special needs you might have for your homeowners insurance. We offer a diversity of policy endorsements through our carrier partners, and we’re experts who can always help you get the right coverage.

Why You Need Homeowners Insurance Endorsements

When you buy homeowners insurance, you expect it to help you receive compensation for things like a home damaged by fire or belongings stolen in a theft. Indeed, your policy exists for just this reason.

One common drawback, however, is that standard policies contain limits on how much money they will pay you for certain losses. Sometimes, they won’t cover certain types of losses at all. For example, even if you have very high coverage limits, some policies will limit the maximum you can receive for certain items. An insurer might only agree to pay you $1,000 for a stolen gold ring, even if the ring was worth several thousand dollars.

For solutions to these and many other unique risks, you might need to turn to various policy endorsements. By getting an endorsement, you’ll have protection for unique types of losses that your standard policy might not otherwise cover.

Common Endorsements

Every homeowners insurance policy offers different endorsement options. Some of the most-common and most-utilized endorsements are:

  • Scheduled Items: If you have one particular item of value, like your wedding ring, then its loss might be a significant financial blow. Scheduled items endorsements allow you to make sure that you receive full compensation for the item. They can even allow you to cover those items from a wider variety of risks (i.e. a jewelry endorsement might cover items if you lose them).
  • Personal Property Replacement Cost: Possessions insurance usually pays only the actual cash value for belongings. Since items depreciate with time, you might only receive $100 for a stolen TV, as opposed to its original cost of $500. A replacement cost endorsement allows you to void the cash value rule of the policy, and instead receive enough compensation to buy new items.
  • Cyber Liability: This coverage can pay you money in case of losses of computer data. It can help you recover data, restore systems and receive other assistance like credit monitoring.
  • Identity Theft: If you become the victim of identity theft, your financial future and your privacy might come under theft. This coverage can help you afford the costs of controlling the situation.
  • Home-Business: If you run a business from the home, your homeowners insurance likely won’t cover business-specific assets unless you add an endorsement to the policy.
  • Service Lines: Utility lines on your property, such as gas pipes, water pipes and wells might have no coverage from damage. This endorsement can help you replace them in cases of corrosion, rodent damage and related events.
  • Sewer Backup: If the sewer, sump pump or pipes near your home overflow, they could flood the home. However, unless you have this endorsement, you might have no help available.
  • Secondary Residence Premises: If you have a vacation home, you can use this endorsement to extend liability to it. Some insurers allow you to take this risk to provide a higher level of liability coverage at that location or possibly even insure the location on the same policy.
  • Equipment Breakdown Coverage: This coverage can work like a home appliance warranty. If an essential system, like your HVAC or pool pump, breaks down, this coverage can help you repair it, even if the failure was due to normal wear and tear.

Not all home insurers offer all endorsements. That’s why it’s important to talk to your insurance agent about where your standard policy offers coverage, and where you might be able to get endorsements.

If you have concerns about which endorsements you need, don’t hesitate to talk to your Salzberg Insurance agent. We can help you make sure you always get the right balance of coverage. Call us at 757.583.1828 or request a quote online today!

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